Research Nester published a report titled “Pallet Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global pallet market in terms of market segmentation by type, material, end-user industry, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global pallet market is expected to garner a significant CAGR over the forecast period, i.e., 2021 – 2029. The market is segmented by material into plastic, wood, plywood, cardboard, metal, and others. Out of these segments, the plastic segment is estimated to garner the largest share in the market over the forecast period owing to the low cost and easy availability of raw material, along with beneficial features of plastic over other materials, such as, lightweight. Moreover, plastic is easily recyclable, which is estimated to promote the growth of the segment.
The global pallet market is foreseen to grow on the back of growing global manufacturing industry which increases the demand for pallets for the packaging the finished products. The growing export-import activities are further estimated to boost the market growth over the forecast period. Moreover, the growth of e-commerce industry on a global level, is projected to boost the market growth.
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Regionally, the global pallet market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. The market in Asia Pacific region is anticipated to witness noteworthy CAGR over the forecast period owing to rapidly growing end-user industries in the region, along with rising export of food and beverages, chemicals, and electronic goods. Pallets provide ease in packaging, storage and transportation of products, which is expected to boost the market growth in the region. The market in North America is estimated to garner a substantial share over the forecast period on the back of growing exportation activities in the region. The U.S. is the largest exporter of various food crops, automotive, pharmaceuticals, and cosmetics, among others. Growth in export is estimated to upsurge the demand for proper packaging material, which, in turn, is projected to boost the market growth.
Rising Import-Export Activities to boost the Demand for Pellets
According to the data by the World Bank, the export-import activities amounted to 30.526% of the total global GDP, as per 2019.
Import and export activities are a major contributing factor to the global economy. With the rising international trade, there is a raise in the demand for sustainable packaging material for packaging and transportation of goods. This, as a result, is estimated to boost the market growth throughout the forecast period.
However, costly raw materials, along with the high risk of damage in wooden pallets are expected to operate as key restraint to the growth of the global pallet market over the forecast period.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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This report also provides the existing competitive scenario of some of the key players of the global pallet market which includes company profiling of Totre Industries, Palcon LLC, Shur-way Group Inc., FCA, LLC, Coxco, Inc., Brambles Ltd (CHEP) (ASX: BXB), PalletOne Inc., Rowlinsons Packaging Ltd., Pilco Storage Systems Private Limited., and CABKA Group. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global pallet market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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